EU to adopt the new Corporate Sustainability Due Diligence Directive (“CS3D”)
Following a turbulent political process, the European Union is on track to implement the Corporate Sustainability Due Diligence Directive (CS3D), following its approval by the European Parliament in April 2024. Once adopted, CS3D will mandate that EU member states enact laws obligating covered companies to…
Cyprus Investment Firms Licensing: Adapting to MiFID II and MiCA
Operating as a cryptocurrency exchange in Cyprus involves navigating a regulatory landscape marked by intricate licensing requirements. These exchanges, aiming to facilitate transactions in both spot crypto products and financial instruments like crypto derivatives, must undergo a meticulous dual-licensing process. This process entails compliance with…
EU Sanctions: Complying with the “No Re-Export to Russia” Provision
The European Union continues its efforts to strengthen sanctions against Russia and prevent the circumvention of export bans. In December 2023, the EU introduced a new measure as part of its twelfth package of sanctions, necessitating EU exporters and suppliers to include a “no re-export…
Cyprus Announces Abolition of Annual Company Levy from 2024
Cyprus has taken a significant step towards solidifying its position as a leading international business destination by announcing the elimination of the mandatory €350 annual company levy starting in 2024. This strategic move aims to reduce operational expenses for businesses and stimulate economic progress. The…
Decoding UAE Corporate Tax for Free Zone Persons
The recent implementation of corporate tax laws in the UAE has reshaped the fiscal landscape, particularly impacting free zone entities. Understanding the criteria for qualifying as a free zone person, and thereby enjoying exemptions from corporate tax, is crucial for businesses operating within this evolving…
EU’s 15% Minimum Corporate Tax Impact
From January 1, 2024, the European Commission enforced a minimum corporate tax rate of 15% for multinational companies earning annual revenues of €750 million. However, in Cyprus and some other countries the implementation of this measure might be delayed by several months. The Ministry of…